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Hertz Swings to Profit but Cuts 2016 Outlook

Hertz Global Holdings Inc. HTZ 2.78 % swung to a profit in the fourth quarter but cut its projections for 2016, citing continued weakness in its U.S. car rental business and the energy sector, which has driven down demand for its rental equipment.

The Naples, Fla., company, which has been trying to turn around operations following a yearslong restatement of results over accounting errors, said Monday it plans to press on with its cost-cutting push, targeting $350 million in cuts this year.

In 2015, it cut about $230 million in expenses, above its initial target.

Shares, which have lost nearly two-thirds of their value over the last 12 months, rose 1.8% to $8.65 in after-hours trading Monday.